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Bitcoin pushed above the $40000 mark this week after tweets from Tesla CEO, Elon Musk helped boost the cryptocurrency.
Bitcoin price action has been comparatively subdued of recent with the daily chart exhibiting a rectangle pattern .
This change in sentiment could be fleeting as these are long-term adjustments that have been reacted to; while the current environment remains extremely accommodative.
One of banks’ primary tools to making money is to borrow at short-term rates and lend out at longer term rates therefore, when spreads decrease profit margins tend to decrease.
The 4-hour SPX chart above shows a potential rising wedge pattern unfolding which has since broken below wedge support.
Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors.